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HSBC USA Joins ICE Trust as a Clearing Member for CDSs

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IntercontinentalExchange (ICE) has added HSBC USA as a clearing member of its clearing counterparty (CCP) for the credit default swap (CDS) market, ICE Trust. The CCP, which launched on 9 March, was the first contender in the US market to receive regulatory approval from the Federal Reserve and the Securities and Exchange Commission (SEC) and is currently planning to launch European operations later this year.

According to the CDS CCP, it has cleared 7,478 transactions, totalling US$646 billion of notional value and resulting in open interest of US$106 billion since its launch.

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